Singapore's economy is tipped to grow at between 2.5 per cent and 3.5 per cent this year, up from an earlier estimate of 1.5 per cent to 3.5 per cent, in what market observers say is a rare revision so early in the year. The previous forecast range was 1.5 per cent to 3.5 per cent.
The improved outlook came as the Ministry of Trade and Industry (MTI) announced that Singapore's gross domestic product rose 4.4 per cent in the first quarter.
The last time the MTI formally revised its full-year forecast based on first-quarter data was in 2011, when it lifted the range.
Last year though, MTI maintained its forecast, but added that growth was likely to come in above 2 per cent.
First-quarter growth was primarily supported by the manufacturing, finance and insurance, and wholesale trade sectors.
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